TORONTO DOMINION BANK (TD) Company Report

TD Bank Group reported adjusted diluted earnings per share of $2.18 for the fourth quarter of fiscal 2025, an increase from $1.72 in the prior year, and adjusted net income of $3,905 million, up 22%. For the full fiscal year 2025, adjusted diluted EPS was $8.37 and adjusted net income was $15,025 million.
On February 12, 2025, the Bank sold its entire remaining equity investment in The Charles Schwab Corporation, generating $21.0 billion (US$14.6 billion) in proceeds and recognizing a net gain on sale of $8.6 billion (US$5.8 billion).
The Bank executed significant U.S. balance sheet restructuring activities in fiscal 2025, including the sale of US$31.9 billion of bonds and the reduction of assets by $22 billion in non-scalable or non-core U.S. loan portfolios, resulting in aggregate pre-tax losses of US$2,128 million from October 10, 2024, through October 31, 2025.
Canadian Personal and Commercial Banking delivered a strong fourth quarter, with net income of $1,865 million, an increase of 2% compared to the prior year, and record revenue of $5,305 million, up 5% year-over-year.

4 days ago

6-K

TD Bank Group Announces Strong Q4 2025 Results and Fiscal 2026 Targets

Earnings

Guidance Update

Share Buyback

TD Bank Group reported strong Q4 2025 earnings of CAD 3.9 billion and EPS of CAD 2.18, contributing to fiscal 2025 earnings growth of 5% and EPS growth of 7% year over year.
The company delivered positive operating leverage in Q4 and is on track to achieve 3%-4% expense growth and positive operating leverage in fiscal 2026.
TD expects to achieve 6%-8% EPS growth and 13% ROE targets for fiscal 2026, with potential upside from strong business momentum and favorable macroeconomic conditions.
Shareholder returns include a CAD 0.03 dividend increase to CAD 1.08 per share, and the company is over three-quarters through its CAD 8 billion share buyback, with plans for a new CAD 6 billion-CAD 7 billion buyback program.
The restructuring program is nearing completion, with annual run rate savings now estimated at approximately CAD 750 million pre-tax.

5 days ago

Transcript

TD Reports Strong Q4 2025 Results and Provides Optimistic Fiscal 2026 Outlook

Earnings

Guidance Update

Share Buyback

TD reported Q4 2025 earnings of CAD 3.9 billion, EPS of CAD 2.18, and ROE up 110 basis points year over year, contributing to 5% earnings growth for fiscal 2025.
The company expects to achieve 6%-8% EPS growth and a 13% ROE for fiscal 2026, with potential for upside.
TD announced a CAD 0.03 dividend increase, bringing the dividend to CAD 1.08 per share. The bank is nearing completion of its current CAD 8 billion share buyback by Q1 2026 and plans to initiate a new CAD 6 billion-CAD 7 billion share buyback.
Significant progress was made in U.S. AML remediation, with the majority of U.S. management remediation actions completed in 2025, and balance sheet restructuring created $52 billion of capacity against the asset limitation.
TD delivered positive operating leverage in Q4 2025 and is on track to deliver 3%-4% expense growth and positive operating leverage in fiscal 2026.

5 days ago

Transcript

TD Bank Faces Lawsuit Over Alleged Discrimination Amid AML Scandal

Legal Proceedings

Layoffs

Toronto-Dominion Bank (TD) is facing a class-action lawsuit from former Chinese and Chinese-American employees who allege they were unfairly targeted and fired during a U.S. investigation into the bank's anti-money laundering (AML) failures.
The lawsuit claims TD disproportionately enforced its compliance program on Chinese-origin staff, particularly in branches serving the Chinese community, and misunderstood traditional Chinese financial practices as grounds for suspicion.
This legal action follows TD's 2024 guilty plea for conspiracy to commit money laundering, which resulted in $3.1 billion in penalties and restrictions on its U.S. expansion.
More than 22 employees of Chinese or Chinese-American descent were fired in New York's Chinatown branches, with plaintiffs arguing they were scapegoated for broader money laundering activities.

Nov 20, 2025, 12:15 AM

Bloomberg

The Toronto-Dominion Bank Issues US$3.2 Billion in Senior Medium-Term Notes

Debt Issuance

On October 14, 2025, The Toronto-Dominion Bank issued US$3,200,000,000 in aggregate principal amount of Senior Medium-Term Notes.
The issuance includes US$1,000,000,000 of 4.109% notes due 2028, US$450,000,000 of 4.808% notes due 2030, US$1,250,000,000 of 4.928% notes due 2035, and US$500,000,000 of Floating Rate notes due 2028.
Legal opinions from Canadian and U.S. counsel confirmed the notes constitute valid and legally binding obligations of the Bank.

Oct 14, 2025, 8:06 PM

6-K

TD Bank Group Presents Strategy and Financial Targets at 2025 Investor Day

Guidance Update

Share Buyback

New Projects/Investments

TD Bank Group presented its strategy to accelerate growth and enhance performance at its 2025 Investor Day on September 29, 2025, aiming to build a simpler, faster, and more efficient organization through investments in talent, AI, and digital capabilities.
The company set FY'26 targets including an Adjusted ROE of 13%, Adjusted EPS Growth of 6-8%, and a CET1 Ratio of 13%. Medium-term (FY'29) targets include an Adjusted ROE of 16% and Adjusted EPS Growth of 7-10%.
TD plans to launch a $6-7 billion incremental NCIB program in FY'26, contributing to an $8 billion total share buyback in FY'26, and aims for $2-2.5 billion in annualized savings from cost initiatives.
AML remediation is the bank's #1 priority, with costs expected to remain stable through FY'26.

Sep 29, 2025, 9:24 PM

6-K

Toronto-Dominion Bank Reinstates Growth Targets and Plans Shareholder Returns

Guidance Update

Share Buyback

Legal Proceedings

Toronto-Dominion Bank (TD) has reinstated its financial growth targets following a $3 billion U.S. fine related to anti-money laundering issues.
The bank aims for adjusted earnings per share growth of 7% to 10% and an adjusted return on equity of about 16% by fiscal 2029, with a target of 6% to 8% annual growth in adjusted EPS for the coming financial year.
TD plans to return approximately C$15 billion to shareholders in fiscal 2026, which includes an incremental share buyback program.
Strategic initiatives include targeted cost reductions exceeding C$1.1 billion in 2027-2028 and a focus on expanding high-fee business segments such as wholesale banking and wealth management.

Sep 29, 2025, 5:17 PM

Morningstar

TD Bank Issues New Capital Notes and Preferred Shares

Debt Issuance

Convertible Preferred Issuance

The Toronto-Dominion Bank is issuing US$750,000,000 aggregate principal amount of 6.350% Fixed Rate Reset Limited Recourse Capital Notes, Series 6 (Non-Viability Contingent Capital (NVCC)).
Concurrently, the bank is issuing 750,000 Non-Cumulative Fixed Rate Reset Class A First Preferred Shares, Series 33 (Non-Viability Contingent Capital (NVCC)).
The Notes will carry an initial fixed interest rate of 6.350% per annum until October 31, 2030, with quarterly interest payments commencing January 31, 2026.
The issue date for both securities is September 23, 2025.

Sep 23, 2025, 8:20 PM

6-K

TD Announces Pricing of Japanese Yen NVCC Subordinated Debentures

Debt Issuance

The Toronto-Dominion Bank (TD) announced the pricing of a private placement offering of JPY 14 billion of Fixed Rate Reset Subordinated Notes (Non-Viability Contingent Capital (NVCC)) on September 16, 2025.
The Notes will bear interest at a fixed rate of 2.058% per annum until September 25, 2030, and subsequently at the 5-year Tokyo Overnight Average Rate (TONA) mid-swap rate plus 0.97% until maturity on September 25, 2035.
TD retains the option to redeem the Notes on September 25, 2030, subject to prior regulatory approval.
Net proceeds from this issuance will be allocated to general corporate purposes and are anticipated to qualify as Tier 2 capital for regulatory purposes.

Sep 17, 2025, 1:24 AM

6-K

Toronto Dominion Bank Updates on U.S. Retail Strategy and Financials

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

TD's U.S. Retail business reported Q3 PCLs of $230 million, down $80 million quarter-on-quarter, and a Net Interest Margin (NIM) of 3.19%, up 15 basis points quarter-on-quarter. The company also achieved 8.9% Return on Equity (ROE) in the quarter, an increase of 60 basis points quarter-on-quarter.
The bank has made significant progress on AML remediation, with the bulk of management actions expected to be completed by end of calendar 2025, incurring $500 million in costs this year and a comparable amount next year.
TD has successfully optimized its balance sheet, reaching $48 billion of headroom against its $434 billion asset cap in Q3, providing $90 billion of capacity for future loan growth.
Expense growth for 2026 is projected to moderate to mid-single digits, which includes higher expenses from the new revenue share structure with Nordstrom.
Strategic growth areas include doubling the proprietary bank card business and building a next-generation wealth franchise in the U.S., particularly targeting the mass affluent segment.